Cryptocurrency

Stolen Cryptocurrencies Used For Criminal Activities

According to a new report from CipherTrace cybersecurity company theft of cryptocurrencies from exchanges soared in the first half of this year to three times the level seen for the whole of 2017, leading to a three-fold increase in associated money laundering.

The report, which looks at the worldwide anti-money laundering market, presented that for the six months of the year a total of $761 million was whipped from digital currency exchanges, as compared with about $266 million for the entire of 2017.

As per CipherTrace the projected losses might increase to 1.5 billion this year, which is introduced a software to help exchanges and verge funds that use or trade cryptocurrencies fulfill with anti-money laundering laws.

CipherTrace isn’t the only company to know the size of crypto theft. Recently, cybersecurity company Carbon Black released reported $1.1 billion worth of digital currency was stolen through the first half of the year.

Recent cryptocurrency exchange

The most current theft from a cryptocurrency exchange was the $32 million in digital currencies stolen from South Korean exchange Bithumb. The flow in cryptocurrency corruption has involved the attention of worldwide regulators and law implementation.

The report also quoted concerns about rising criminal activity in the sector from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), which referred to cryptocurrency-denominated ransomware payments and research showing that $1.5 billion was stolen in hacks of exchanges over a two-year period.

However, despite whether or not cryptocurrency is all concerning facilitating crime vs. crime being a little, unfortunate aspect impact of the increase of crypto coinage, there’s no contention with the very fact that international enforcement acknowledges that cryptocurrency is that the criminal’s playground.

Reuters has confirmed that regulators around the world, international enforcement and exchanges are in continuous negotiation concerning what has to happen within the cryptocurrency trade to forestall the surge in crime.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

As a professional blogger and news writer, Akshada presents unique pieces that are logical, well-structured and appealing to the audience.

Leave a Comment

Your email address will not be published. Required fields are marked *